The Bank of England on Thursday raised its key interest rate at a third successive policy meeting to counter a surge in inflation.
The central bank announced that its Monetary Policy Committee voted to increase Bank Rate by 0.25 percentage points to 0.75 percent. The previous hike was in February.
The UK's inflation rate stands at a roughly 30-year high. It climbed by 5.5 percent in January from a year earlier owing to soaring energy costs and other factors.
On Wednesday, the US Federal Reserve decided to raise the target range for its key rate to 0.25-to-0.5 percent. It had kept the rate near zero to help businesses recover from the coronavirus pandemic.
Central banks around the world are facing concerns about faster inflation as the prices of energy, grains and other commodities are surging in the wake of Russia's invasion of Ukraine.
The central bank announced that its Monetary Policy Committee voted to increase Bank Rate by 0.25 percentage points to 0.75 percent. The previous hike was in February.
The UK's inflation rate stands at a roughly 30-year high. It climbed by 5.5 percent in January from a year earlier owing to soaring energy costs and other factors.
On Wednesday, the US Federal Reserve decided to raise the target range for its key rate to 0.25-to-0.5 percent. It had kept the rate near zero to help businesses recover from the coronavirus pandemic.
Central banks around the world are facing concerns about faster inflation as the prices of energy, grains and other commodities are surging in the wake of Russia's invasion of Ukraine.
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Summary
Bank of England increases interest rate by 0.25% to counter inflation, now at a 30-year high (5.5%). This is the third consecutive rise since February. The move follows a similar decision by the US Federal Reserve. Central banks globally are responding to surging energy and commodity prices due to
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ID: 6233c415-c164-4851-b877-5a3e35ed5dbd
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20220318_01/
Date: March 18, 2022
Created: 2022/03/18 08:28
Updated: 2025/12/09 17:31
Last Read: 2022/03/18 08:28